Brazil's Petrobras announces voluntary layoff program

BRASILIA, April 1 (Reuters) - Executives of Brazil's
state-run oil producer Petroleo Brasileiro SA
approved a voluntary layoff program to cut about 12,000 jobs and
save 33 billion reais ($9.20 billion) by 2020, the company said
in a statement on Friday.

The program will cost 4.4 billion reais ($1.23 billion) to
be implemented, Petrobras said.